PROCEPT BioRobotics, a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, entered into a five-year $52 million loan arrangement with CIBC Innovation Banking. Proceeds from the new term loan were used to retire a $50 million debt facility with the company’s existing lender.
The company’s new term loan includes a final maturity date of five years from the closing date. The new term loan has an interest-only period of 36 months, which may be extended to 48 months.
“In order to further strengthen our balance sheet, we have successfully extinguished our $50 million term loan and entered into a new facility with favorable terms,” Kevin Waters, CFO of PROCEPT BioRobotics, said. “This agreement provides financial flexibility, by both delaying principal payments and reducing our annual interest expense by approximately $2.8 million, providing the Company additional capital to execute our long-term growth plan.”
“CIBC Innovation Banking is pleased to support PROCEPT as it continues its impressive growth,” Jeff Chapman, head of North American life science and healthcare, CIBC Innovation Banking, said. “We are excited to work with a company on the forefront of surgical robotics whose technology can treat so many patients.”
Armentum Partners served as financial advisor to the company on the transaction.